CHICAGO, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $9.6 million sale of a 28-unit multifamily property in Chicago’s Lincoln Park neighborhood on Lincoln Avenue. The deal equated to $342,857 per unit.

Interra Senior Managing Partner Joe Smazal represented Chicago-based ICM Properties in the acquisition. Smazal also represented the local private seller in the off-market deal. The building, which was constructed in 1906, was fully occupied at the time of sale.

“Interra has closed a high volume of transactions on the North Side in the past three months, which is notable amidst this environment of interest rate uncertainty,” said Smazal. “Multifamily investors, particularly those with a long-term hold strategy, are showing increasing bullishness for well-located assets in Chicago.”

See the complete article at Yield Pro.

See additional articles on this transaction:

ConnectCRE: Vintage Apartment Community in Lincoln Park Sells for $9.6M

REJournals: Interra Realty Brokers $9.6 million Sale of Vintage Apartment Property in Chicago’s Lincoln Park Neighborhood

Bisnow: This Week’s Chicago Deal Sheet

RE Business Online: Interra Realty Brokers $9.6M Sale of Apartment Building in Chicago’s Lincoln Park